Wegabond

I am sure not many are aware of adjustable rate mortgage. Even I didn’t know about its advantages till a few months ago. ARM (adjustable rate mortgage) helps one to pay a different monthly installment according to the market behavior.

 Last December, when my son came up with a proposal to buy an apartment in an upscale residential area, I inquired about availing ARM with my auditor. I wanted to know how much my son will be eligible based on his present annual salary.

 My auditor got back to me in a couple of days and informed that both I and my son have to apply together to avail the loan amount which was fairly large.

 He fixed up an appointment with a leading bank and attended the preliminary mortgage interview. His inputs in the loan application paved way for the loan sanction.

 But my son declined it on second thoughts of buying the property.